$8.3M in financing secured for 70,491 sq. ft. shopping center in Barnegat

JLL Capital Markets on Wednesday said it arranged the refinancing for Barnegat Village Square, a 70,491-square-foot, grocery-anchored shopping center located in Barnegat.

JLL represented the borrower, an affiliate of the Walters Group, to secure the 10-year, fixed-rate loan through Provident Bank.

Developed in 1998, the 97-percent-leased Barnegat Village Square is anchored by ACME Markets, a subsidiary of Albertsons Cos. This ACME location serves as the only grocer in the town of Barnegat.

The property’s inline space includes a mix of quality tenants, such as Barnegat Wine & Spirits, China King, AtlantiCare Urgent Care, Marchioni’s and Dazzlz Salon, and the center contains one pad site that is tenanted by Burger King. Additionally, the tenant base has a combined weighted average tenure of over 20 years.

Situated at 912 West Bay Ave., the center is located 0.1 miles from Exit 67B of the Garden State Parkway. The property is easily accessible and strategically positioned from its location along one of the main east-west thoroughfares, which connects Route 72 to the west and Route 9 to the east and provides access to the popular and affluent beach resort community of Long Beach Island. Within a five-mile radius of the property is population of almost 60,000 and an average household income of over $110,000.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jim Cadranell and analyst Michael Mataras.

“Provident Bank once again demonstrated how much they value their customer relationships by providing competitive refinancing terms for the Walters Group. It was a pleasure to again work with both lender and borrower on this refinancing,” Cadranell said.